CONVERTIBLE OPPORTUNITIES AND INCOME FUND (CHI)

CEF Market and Fund Update – November 2017

Our SVP, Director of Closed-End Fund Products Robert F. Bush, Jr. provides an November 2017 update on the closed-end fund market. He discusses how the Calamos closed-end funds demonstrated their ability to optimize the use of leverage, and participate in the upside in multiple and diverse markets and disciplines while generating high distribution levels not necessarily correlated to fixed income markets.

Objective

The Fund seeks total return through capital appreciation and current income by investing in a diversified portfolio of convertible securities and high yield corporate bonds.

Investment Strategy & Process

The integrated investment team employs an investment process that considers global macroeconomic factors and investment themes. A comprehensive, investment process includes both fundamental and quantitative research to evaluate the source, sustainability and risk of investment opportunities. Risk is monitored and managed at the diversified portfolio and individual security level.

Fund Highlights

A diversified portfolio includes a mix of convertible securities and high yield corporate bonds.

One of the first closed-end funds to combine multiple asset classes in an effort to enhance returns and manage risk.

Seeks a level-rate distribution policy designed with the goal of providing stable, monthly distributions.

Seeks to be less susceptible to rising interest rates than traditional fixed-income funds.

At least 35% in convertible securities and at least 80% income securities (convertible or non-convertible).

Fund Data

AS OF 2/28/18

Managed Assets

$1,165,230,535

Total Common Share Assets

$787,230,535

Shares Outstanding

70,707,479

Average Daily Volume (mo.)

361,947

Total Percent Leveraged

32.44%

Debt Coverage Ratio

419%

Leverage Assets

$378,000,000

Debt Leverage

$278,000,000

Average Portfolio Turnover

71.2%

Expense Ratio (based upon managed assets)

1.58%

Fees & Expenses

AS OF 2/28/18

Management Fees

0.80%

Leverage Expense

0.71%

Other Expenses

0.07%

Total

1.58%

Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution
was $0.0950 per share. A breakdown of the Fund’s most recent distribution can be found on the
Convertible Opportunities and Income Fund Fact Sheet
. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax
reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your
specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and
return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a
limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common
shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or
economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility,
and difficulty obtaining information.

There are certain risks associated with an investment in a convertible bond such as default risk—that the company issuing a convertible security may be unable to repay principal and interest, and
interest rate risk—that the convertible may decrease in value if interest rates increase.

Investments by the Fund in lower-rated securities involve substantial risk of loss and present greater risks than investments in higher-rated securities, including less liquidity and increased price
sensitivity to changing interest rates and to a deteriorating economic environment.

Fixed income securities are subject to interest rate risk; as interest rates go up, the value of debt securities in the Fund’s portfolio generally will decline.

The Fund may invest in derivative securities, including options. The use of derivatives present risks different from, and possibly greater than, the risks associated with investing directly in
traditional securities. There is no assurance that any derivative strategy used by the Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether
or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure. However, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s
equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions
or a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options strategies may
not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized
short-term capital gains, and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the Fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates
of the leverage financing. The ratio is the percent of borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. The general risks involved in investing in a closed end fund include market volatility risk, dividend and
income risk, and loss of investment risk. Please refer to each fund’s prospectus, annual and semi-annual reports at www.calamos.com for complete information on the fund’s performance, investments and
risks.

Prior Year Distribution Detail

Ordinary income includes net investment income and short-term capital gains. The distribution tables provided here are for informational purposes only. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax reporting purposes. Distributions may be subject to re-characterization for tax purposes after the end of the fiscal year. Individual (non-corporate) shareholders with taxable accounts will receive written notification regarding the components and tax treatment for distributions via Form 1099-DIV. If your distributions are reinvested in additional shares, you will receive a statement reflecting the reinvestment of the distribution. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

USING A LEVEL DISTRIBUTION POLICY TO PROMOTE TOTAL RETURN

We understand the importance that investors place on the stability of dividends, along with long-term total return. In June 2005, CHI announced the adoption of a level rate distribution policy.

The goal is to provide investors with long-term total return, based on our belief that closed-end fund investors consider consistent, dependable distributions to be an important component of total-return.

As a reminder, shareholders can accumulate more shares via the dividend reinvestment plan whether the Fund trades at a premium or discount. If the Fund is trading at a premium, the dividend is reinvested at NAV or at 95% of the market price, whichever is greater. If the Fund is trading at a discount, the dividend is reinvested at the market price.

Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution
was $0.0950 per share. A breakdown of the Fund’s most recent distribution can be found on the
Convertible Opportunities and Income Fund Fact Sheet
. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax
reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your
specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and
return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a
limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common
shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or
economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility,
and difficulty obtaining information.

There are certain risks associated with an investment in a convertible bond such as default risk—that the company issuing a convertible security may be unable to repay principal and interest, and
interest rate risk—that the convertible may decrease in value if interest rates increase.

Investments by the Fund in lower-rated securities involve substantial risk of loss and present greater risks than investments in higher-rated securities, including less liquidity and increased price
sensitivity to changing interest rates and to a deteriorating economic environment.

Fixed income securities are subject to interest rate risk; as interest rates go up, the value of debt securities in the Fund’s portfolio generally will decline.

The Fund may invest in derivative securities, including options. The use of derivatives present risks different from, and possibly greater than, the risks associated with investing directly in
traditional securities. There is no assurance that any derivative strategy used by the Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether
or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure. However, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s
equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions
or a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options strategies may
not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized
short-term capital gains, and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the Fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates
of the leverage financing. The ratio is the percent of borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. The general risks involved in investing in a closed end fund include market volatility risk, dividend and
income risk, and loss of investment risk. Please refer to each fund’s prospectus, annual and semi-annual reports at www.calamos.com for complete information on the fund’s performance, investments and
risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

SHARE PRICE / NAV HISTORY

PREMIUM / DISCOUNT

Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution
was $0.0950 per share. A breakdown of the Fund’s most recent distribution can be found on the
Convertible Opportunities and Income Fund Fact Sheet
. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax
reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your
specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and
return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a
limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common
shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or
economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility,
and difficulty obtaining information.

There are certain risks associated with an investment in a convertible bond such as default risk—that the company issuing a convertible security may be unable to repay principal and interest, and
interest rate risk—that the convertible may decrease in value if interest rates increase.

Investments by the Fund in lower-rated securities involve substantial risk of loss and present greater risks than investments in higher-rated securities, including less liquidity and increased price
sensitivity to changing interest rates and to a deteriorating economic environment.

Fixed income securities are subject to interest rate risk; as interest rates go up, the value of debt securities in the Fund’s portfolio generally will decline.

The Fund may invest in derivative securities, including options. The use of derivatives present risks different from, and possibly greater than, the risks associated with investing directly in
traditional securities. There is no assurance that any derivative strategy used by the Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether
or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure. However, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s
equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions
or a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options strategies may
not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized
short-term capital gains, and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the Fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates
of the leverage financing. The ratio is the percent of borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. The general risks involved in investing in a closed end fund include market volatility risk, dividend and
income risk, and loss of investment risk. Please refer to each fund’s prospectus, annual and semi-annual reports at www.calamos.com for complete information on the fund’s performance, investments and
risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Annualized Returns

AS OF 2/28/18

Market Price

-1.47%

-0.05%

1.36%

11.18%

4.69%

7.94%

7.35%

8.38%

9.00%

NAV

-1.36%

1.58%

4.47%

10.87%

5.14%

7.55%

7.90%

8.91%

9.39%

Calendar Year-To-Date Total Return

AS OF 2/28/18

Market Price

-0.67%

22.87%

14.28%

-14.73%

5.43%

21.38%

16.30%

-6.33%

17.27%

65.78%

-34.71%

-20.37%

14.19%

7.04%

14.06%

47.49%

11.96%

NAV

1.59%

14.31%

10.18%

-6.42%

5.28%

16.84%

14.55%

1.87%

15.37%

67.39%

-38.83%

3.32%

13.00%

2.94%

12.74%

38.29%

7.36%

*2002 performance data from inception date of 6/28/02 through 12/31/02

Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution
was $0.0950 per share. A breakdown of the Fund’s most recent distribution can be found on the
Convertible Opportunities and Income Fund Fact Sheet
. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax
reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your
specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and
return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a
limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common
shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or
economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility,
and difficulty obtaining information.

There are certain risks associated with an investment in a convertible bond such as default risk—that the company issuing a convertible security may be unable to repay principal and interest, and
interest rate risk—that the convertible may decrease in value if interest rates increase.

Investments by the Fund in lower-rated securities involve substantial risk of loss and present greater risks than investments in higher-rated securities, including less liquidity and increased price
sensitivity to changing interest rates and to a deteriorating economic environment.

Fixed income securities are subject to interest rate risk; as interest rates go up, the value of debt securities in the Fund’s portfolio generally will decline.

The Fund may invest in derivative securities, including options. The use of derivatives present risks different from, and possibly greater than, the risks associated with investing directly in
traditional securities. There is no assurance that any derivative strategy used by the Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether
or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure. However, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s
equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions
or a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options strategies may
not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized
short-term capital gains, and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the Fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates
of the leverage financing. The ratio is the percent of borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. The general risks involved in investing in a closed end fund include market volatility risk, dividend and
income risk, and loss of investment risk. Please refer to each fund’s prospectus, annual and semi-annual reports at www.calamos.com for complete information on the fund’s performance, investments and
risks.

Regional Exposure

Quality Allocation

AS OF 2/28/18

Class

%

AAA

0.6%

AA

0.0%

A

1.9%

BBB

13.5%

BB

24.9%

B

20.3%

CCC and below

4.0%

Unrated Securities

34.8%

Bond Duration

AS OF 2/28/18

Weighted Avg. Duration

4.0 years

Weighted Avg. Maturity

6.5 years

Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution
was $0.0950 per share. A breakdown of the Fund’s most recent distribution can be found on the
Convertible Opportunities and Income Fund Fact Sheet
. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax
reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your
specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and
return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a
limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common
shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or
economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility,
and difficulty obtaining information.

There are certain risks associated with an investment in a convertible bond such as default risk—that the company issuing a convertible security may be unable to repay principal and interest, and
interest rate risk—that the convertible may decrease in value if interest rates increase.

Investments by the Fund in lower-rated securities involve substantial risk of loss and present greater risks than investments in higher-rated securities, including less liquidity and increased price
sensitivity to changing interest rates and to a deteriorating economic environment.

Fixed income securities are subject to interest rate risk; as interest rates go up, the value of debt securities in the Fund’s portfolio generally will decline.

The Fund may invest in derivative securities, including options. The use of derivatives present risks different from, and possibly greater than, the risks associated with investing directly in
traditional securities. There is no assurance that any derivative strategy used by the Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether
or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure. However, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s
equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions
or a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options strategies may
not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized
short-term capital gains, and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the Fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates
of the leverage financing. The ratio is the percent of borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. The general risks involved in investing in a closed end fund include market volatility risk, dividend and
income risk, and loss of investment risk. Please refer to each fund’s prospectus, annual and semi-annual reports at www.calamos.com for complete information on the fund’s performance, investments and
risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Literature

CHI Fact SheetThe CHI Fund seeks total return through a combination of capital appreciation and current income by investing in a diversified portfolio of convertible securities and below-investment-grade (high-yield) fixed-income securities.

CHI Annual ReportThe CHI annual report includes a letter from John P. Calamos, Sr. to shareholders outlining the fund performance, as well as a comprehensive review of the fund’s activities and financial performance.

CHI Semi Annual ReportThe CHI semiannual report includes a letter from John P. Calamos, Sr. to shareholders and provides a comprehensive review of the fund’s activities and financial performance for a six month period.

CHI ProspectusThis prospectus supplement, together with the accompanying prospectus, sets forth concisely the information that you should know before investing. You should read the accompanying prospectus and prospectus supplement, which contain important information, before deciding whether to invest in our securities.

CHI SAIThis prospectus supplement, together with the accompanying prospectus, sets forth concisely the information that you should know before investing. You should read the accompanying prospectus and prospectus supplement, which contain important information, before deciding whether to invest in our securities.

Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution
was $0.0950 per share. A breakdown of the Fund’s most recent distribution can be found on the
Convertible Opportunities and Income Fund Fact Sheet
. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax
reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your
specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and
return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a
limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common
shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or
economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility,
and difficulty obtaining information.

There are certain risks associated with an investment in a convertible bond such as default risk—that the company issuing a convertible security may be unable to repay principal and interest, and
interest rate risk—that the convertible may decrease in value if interest rates increase.

Investments by the Fund in lower-rated securities involve substantial risk of loss and present greater risks than investments in higher-rated securities, including less liquidity and increased price
sensitivity to changing interest rates and to a deteriorating economic environment.

Fixed income securities are subject to interest rate risk; as interest rates go up, the value of debt securities in the Fund’s portfolio generally will decline.

The Fund may invest in derivative securities, including options. The use of derivatives present risks different from, and possibly greater than, the risks associated with investing directly in
traditional securities. There is no assurance that any derivative strategy used by the Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether
or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure. However, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s
equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions
or a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options strategies may
not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized
short-term capital gains, and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the Fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates
of the leverage financing. The ratio is the percent of borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. The general risks involved in investing in a closed end fund include market volatility risk, dividend and
income risk, and loss of investment risk. Please refer to each fund’s prospectus, annual and semi-annual reports at www.calamos.com for complete information on the fund’s performance, investments and
risks.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Current Annualized Distribution Rate is the Fund’s most recent distribution, expressed as an annual percentage of the Fund’s current market price per share. The Fund’s most recent distribution
was $0.0950 per share. A breakdown of the Fund’s most recent distribution can be found on the
Convertible Opportunities and Income Fund Fact Sheet
. Estimates are calculated on a tax basis rather than on a generally accepted accounting principles (GAAP) basis, but should not be used for tax
reporting purposes. Distributions are subject to re-characterization for tax purposes after the end of the fiscal year. This information is not legal or tax advice. Consult a professional regarding your
specific legal or tax matters. Under the Fund’s level rate distribution policy, distributions paid to common shareholders may include net investment income, net realized short-term capital gains and
return of capital. When the net investment income and net realized short-term capital gains are not sufficient, a portion of the level rate distribution will be a return of capital. In addition, a
limited number of distributions per calendar year may include net realized long-term capital gains. Distribution rate may vary.

Past Performance
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. You can purchase or sell common
shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Important Fund Information

The Fund may invest up to 100% of its assets in foreign securities and invest in an array of security types and market-cap sizes, each of which has a unique risk profile. As a result of political or
economic instability in foreign countries, there can be special risks associated with investing in foreign securities. These include fluctuations in currency exchange rates, increased price volatility,
and difficulty obtaining information.

There are certain risks associated with an investment in a convertible bond such as default risk—that the company issuing a convertible security may be unable to repay principal and interest, and
interest rate risk—that the convertible may decrease in value if interest rates increase.

Investments by the Fund in lower-rated securities involve substantial risk of loss and present greater risks than investments in higher-rated securities, including less liquidity and increased price
sensitivity to changing interest rates and to a deteriorating economic environment.

Fixed income securities are subject to interest rate risk; as interest rates go up, the value of debt securities in the Fund’s portfolio generally will decline.

The Fund may invest in derivative securities, including options. The use of derivatives present risks different from, and possibly greater than, the risks associated with investing directly in
traditional securities. There is no assurance that any derivative strategy used by the Fund will succeed. One of the risks associated with purchasing an option is that the Fund pays a premium whether
or not the option is exercised.

The Fund may seek to purchase index put options to help reduce downside exposure. However, the effectiveness of the Fund’s index option-based risk management strategy may be reduced if the Fund’s
equity portfolio does not correlate to the performance of the underlying option positions. The Fund also risks losing all or part of the cash paid for purchasing index options. Unusual market conditions
or a lack of a ready market of any particular option at a specific time may reduce the effectiveness of the Fund’s options strategies, and for these and other reasons the Fund’s options strategies may
not reduce the Fund’s volatility to the extent desired. From time to time, the Fund may reduce its holdings of put options, resulting in an increased exposure to a market decline.

The goal of the level-rate distribution policy is to provide investors a predictable, though not assured, level of cash flow. Monthly distributions paid may include net investment income, net realized
short-term capital gains, and, if necessary, return of capital. Maintenance of this policy may increase transaction and tax costs associated with the Fund.

Leverage creates risks which may adversely affect return, including the likelihood of greater volatility of net asset value and market price of common shares; and fluctuations in the variable rates
of the leverage financing. The ratio is the percent of borrowing to total assets.

Each fund has specific risks, which are outlined in the respective funds’ prospectuses. The general risks involved in investing in a closed end fund include market volatility risk, dividend and
income risk, and loss of investment risk. Please refer to each fund’s prospectus, annual and semi-annual reports at www.calamos.com for complete information on the fund’s performance, investments and
risks.

Before investing carefully consider the fund's investment objectives,
risks, charges and expenses. Please see the prospectus and summary prospectus containing
this and other information or call 1-800-582-6959. Read it carefully before
investing.